Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1887-01-20
GOV. PIER0E'S MESSAGE.
Text Of the Go,ernOr's Message to the LssIsIa-
ture Of Dakota.
AN ABLE pocuMENr.

AN ABLE OOCOAkA1.
The following is the text Of Gov. Pierce's
message to the Legislatures:
Gentlemen OF the Council aud House of Repre-
sentatiyes: Once more the legislature OF the
Territory of Dakota has assembled in obedience
10 law. With few exceptions the faces OF those
who compose this general assembly are new to
these halls In the exercise Of their sovereign
will and pleasure the people have seen Mt TO nil
the places of their former servants with other
lnen, who have gained in daily intercourse with
them their esteem and confidence. But while
the personnel of law-ma.ting bodies may change,
legislative authority and responsibility remain.
Men die, officials change, but government en-
dures. For the time being this assemblage Is
empowered to speak and act for the 100000
ritory 1t is grave responsibility. How you
shall perform this representative work most
faithfully aud effectively. is question that may
well inspire anxious thought and serious re-
come here at an suspicious time. and under
favorable conditions. | do not remember
ing has prevailed: and IN spite Of
the hard times so generally felt
throughout the Union, there has never been an
asSemblage of the legislature which found the
fiscal concerns of the territory SO prosperous
condition. Taxation for territorial purposes
is so light as to be scarcely felt by the peo-
pie, and can be reduced still further in the near
future. The treasury shows balance on hand
not only sufficient to pay all proper expenses OF
the territorial government, and all reasonable
appropriations, but to pay on all the bonded in
debtedness of the territory, which under the
option contained in the law, can be called In at
this time. Ninety thousand dollars of bonds,
which 1t was provided might be paid by the ter
ritery at its option within tive years OF their
issue. have already been called for by the treas
urer. hut owing TO the neglect of the law to pro-
vide exactly how this cali might be issued, and
under what circumstances interest on such
bonds should thereafter cease, holders have re-
fused to present them for redemption. This
difficulty should be promptly met BY the enact
ment OF law permitting the treasurer g take
advantage OF the option reserved. and holders be
required to either refund the bonds at lower
rate of interest, or present them for redemption
The territory is paying about SD per day on
these bonds, which can be stopped at once II the
Legislature will grant the necessary authority.
SALE OF BONDS.
The bon Is authorized by the last legislature,
amounting to $4,000, were sold at LOB 2-l0,
and the premium, amounting to So. 63S. 40, was
credited to the territory on the books of the
treasurer This Is the first instance In the his
tory of the territory where bonds have been sold
at premium: indeed as late as the summer of
1854. similar class Of bonds were. sold at %
and 9Si2 While the sale. therefore. WAS In
some respects gratifying, and the growth of con-
hdence in the financial standing of Dakota very
encouraging, there is no question but that the 8
per cent bonds OF the territory are worth much
MOI than the amount received. Two or three
things have operated to tnjure, in some degree.
our financial standing; one is tho fact that Da;
kota is still in territorial condition, territorial
bonds being unpopular rs rule. Another Is
the existence of the outstanding territorial war
rants issued under the law providing for the
payment OF these warrants by the treasurer
seemed to give the impression that the terri
tory WAS either unaule to pay, or else was en-
deavoring to repudiate her obligations. With
the latter obst acle removed, believe that per
cent bonds can be sold at par and II long, time
bonds should be issued the interest can be made
even less than that named. II will not be year
before our per cent bonds, having ten years TO
run, will be worth at least LIZ or 115: am In
formed that such bonds can not be purchased
to-day for less than 1.1o II would no doubt be
better IL our bonds not classed as "Agri-
cultural college bonds, Normal school bonds, :
etc. but were issaed as one general bond of the
territory. This woald cause no embarrassment
In any future division of territorial indebted
ness, fer the appropriation always states the
object for which bonds are issued IL would
also add to tbe popularity OF securities II the
tiTae for which they run were made certain in
do not like 70 be in doubt as TO whether they
have loaned money for five years or ten or
twenty.
RECEIPTS AND EXPENDITURES.
The total reneipts from all sources for the BIZ
ennial period covered by the treasurers report.
including balance on hand at the close OF 1884,
were 81 1895, 2l66I The total amount paid
out for same period was 81, 162. 23404. leaving
q balance IN the treasury. Nov. 80, 1856, Of
$232, 9S2. 90. Deductlng the amount paid to
counties as their share of railroad tax, the
amount OF bonds, etc for permanent improve
ments Of public institutions, and we have bal
anoe of S106, 27S. which represents the amount
expended during the biennial period. Take
from this the cost of the constitutional conven-
tion, the census, New Orleans exposition, furni-
ture and heating for capitol and other eXtraor-
binary appropriations made two years ago (but
not required now, aud the total expenditure,
less the bond interest, Is S53St2791 20 for the
ordinary expenses OF the territorial government,
or S263, 3d. SO per year This sum is divided
as follows:
yermillion university ............, $30639 N